The Flight to Serfdom

(Part III of a series. Part I was "The Good Old Days," and Part II was "Two Years That Changed the World.")Flight USA is on its way to the Land of the Lost. Lost decades. Lost growth. Lost freedom. Why? Because we already lost our minds.Things can be spun to look good right now. Real Gross Domestic Product, the inflation-adjusted measure of the overall economy, has been growing since June 2009. The Congressional Budget Office expects it to grow 3.0% in 2010 and to grow between 2.1% and 4.1% per year through 2020. Nice numbers, if true. And if true, there is no "recession" to "fix" anymore. The stimulus did its job, supposedly.(Curiously, 78% of the $814-billion stimulus was, and will be, applied after FY 2009. So if the stimulus is what got the economy growing in 2009, then $180B would have done the trick. The rest of the stimulus, $634 billion's worth, is to stimulate an economy not needing a stimulant, if we are to believe the numbers coming...(Read Full Article)

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